Ondo State Attorney General and Commissioner for Justice, Dr. Olukayode Ajulo, has defended the state’s $50 billion refinery and free-trade zone project, accusing opponents of attempting to sabotage what he described as a major economic breakthrough for the state.

The project, led by Backbone Infrastructure Nigeria Limited in partnership with Canadian firm NEFEX Holdings, aims to develop a 500,000-barrel-per-day refinery and a large free-trade zone in Ilaje Local Government Area. Ajulo said the initiative is protected by clear contractual requirements that ensure the state faces no financial risk. According to him, Ondo has not committed public funds and is contributing only land within the Sunshine Industrial Park.

He explained that the agreement includes timelines and performance conditions that allow the state to reclaim the land if investors fail to meet their obligations. The equity structure gives Ondo 20% ownership, with 5% reserved for host communities, while Backbone Infrastructure holds 65%. The remaining 15% is tied to the Nigerian National Petroleum Company, subject to crude supply agreements.

Ajulo criticised those questioning the credibility of the investors, arguing that many companies begin as new entities and should be assessed by capacity rather than age. He suggested that some of the backlash is politically motivated, recalling how past attempts to establish major refinery projects in the state were blocked.

The People’s Democratic Party in the state has demanded full disclosure of the partnership terms, including publication of the Memorandum of Understanding and details of financiers. Meanwhile, the All Progressives Congress has praised Governor Lucky Aiyedatiwa for attracting what it called a transformative investment with potential to boost jobs, infrastructure, and industrial activity.

Ajulo insisted the project is transparent and in the best interest of the state, adding that the administration remains committed to delivering long-term economic growth.